China ‘Project Whitelist’ For Recommending Residential Projects To Banks
China’s housing and financial regulators urged prefecture-level and above cities to establish a financing coordination mechanism before Mar 15 in a bid to support the country’s struggling property sector. Financial institutions need to prevent loans from being misappropriated and safeguard the safety of credit fund. Launched last month, “Project Whitelist”, as it is known, allows city governments to recommend residential projects to banks as being suitable for financial support, and to coordinate with financial institutions to meet project needs. As of Feb 28, 276 cities in 31 provinces have set up such mechanisms, with a total of about 6,000 real estate projects proposed, and commercial banks have approved loans of more than 200 billion yuan (S$37.4 billion) for eligible projects.
Tags : China housing eligible projects financing coordination mechanism Project Whitelist